Promise Zone Job Creation Act of 2017
Latest action · Jan 12, 2017 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 12, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Promise Zone Job Creation Act of 2017
This bill amends the Internal Revenue Code to direct the Departments of Housing and Urban Development and Agriculture, acting jointly, to designate, before January 1, 2019, not more than 40 areas as Promise Zones for purposes of priority consideration in federal grant programs and initiatives. Twelve of such areas shall be outside of a metropolitan statistical area or shall be determined to be rural areas.
A "Promise Zone" is any area with a continuous boundary and a population of not more than 200,000 that is nominated by one or more local governments or Indian tribes and designated on the basis of unemployment rates, poverty rates, vacancy rates, crime rates, household income, home ownership, labor force participation, and educational attainment. An application for designation as a Promise Zone shall include a competitiveness plan that addresses the need of the area to attract investment and jobs and improve educational opportunities.
The bill allows: (1) a Promise Zone employment tax credit for wages paid to a qualified zone or resident employee, and (2) expensing of Promise Zone property.
A "Promise Zone property" is a property that is: (1) tangible property with a recovery period of 20 years or less for depreciation purposes, water utility property, computer software, or qualified leasehold improvement property; (2) acquired by purchase for use in the active conduct of a trade or business; and (3) originally placed in service in a Promise Zone.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jan 12, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WA | Patty Murray | Original | Jan 12, 2017 |
Actions 2
Everything that happened, newest first.
- Jan 12, 2017Introduced in Senate
- Jan 12, 2017Read twice and referred to the Committee on Finance.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jan 12, 2017Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.